Updating Your Will: Life Events That Should Trigger a Review

Life brings with it a number of changes – some carefully anticipated, others that can take us by surprise.

Following a change in circumstance, a Will review is one key change that is often overlooked. Having an up-to-date Will in place helps ensures your future wishes are carried out, providing peace of mind for you and security for your loved ones.

Below are some of the key life events which should prompt a review of your Will.

Marriage or Civil Partnership/Co-habiting

Did you know marriage or civil partnership automatically revokes any existing Will? Unless your Will includes a specific clause which legally confirms it was “made in contemplation of marriage or civil partnership”.

Co-habiting

From a legal perspective, the use of the word Law in the term “common-Law spouse” is somewhat misleading. Broadly speaking, if you are in a co-habiting relationship, your co-habiting partner has no automatic legal rights in terms of inheriting your estate.

In England and Wales, when an individual dies without a valid Will, their estate is distributed per the rules of intestacy. The rules set out a strict order of priority, subject to the surviving class of relative/s. However, unlike married couples or civil partners, co-habiting partners are not included in the intestacy provisions, regardless of the length or seriousness of the relationship. Consequently, a surviving co-habiting partner will not be provided for, unless you have made specific provisions for them in your Will.

Divorce or Separation

Strictly speaking, divorce/civil partnership dissolution, does not automatically cancel your existing Will. However, any reference to your ex-spouse is treated as if they died before you.

As part of the separation process, it is important to ensure you Will reflects your revised wishes, current circumstances and includes the correct provisions.

Birth or Adoption of a Child

A review of your Will ensures appropriate provisions are included to provide for current and future children/grandchildren.

Your Will also provides an opportunity to formally name guardians for your minor children, providing peace of mind as to who will care for them.

Death of a Beneficiary or Executor

If someone named in your Will has passed away, a review of your own Will is an important step, which is often overlooked at what can be a difficult time. However, this sad life event may impact the validity of your own Will, for example: if the Will has no set contingency/substitution provisions.

Change In Finances/Property

A change in your financial situation should also prompt a review of your Will, for example, buying/selling a property, receiving an inheritance, retirement, starting/selling a business, etc. Your Will should reflect your current financial situation and where possible, plan for future changes.

Relocation

If you are planning on moving abroad, be it long or short term, or are in the process of acquiring assets in another country, this can create cross-border estate complexities.

Perhaps you are taking steps to complete a Will in another jurisdiction, where your overseas assets are held, which can be an important and sensible step. However, this should be completed with careful consideration and appropriate legal advice. Creating an “overseas Will” could inadvertently revoke a Will created under the Laws of England or vice versa.

Changes in Tax Law

Tax thresholds and reliefs changes can affect your current and future tax position. As was the case with the UK Autumn Budget 2024, which introduces significant changes to the current Inheritance Tax regime, such as agricultural relief.

Your Will sets out your wishes in terms of the distribution of your estate, but it is also a valuable tax planning vehicle.

The Five-Year Rule

Although there is no legal requirement to do so, it is good practice to review your Will after any significant life change, or at the least, every five years.

Completing a regular review of your Will helps ensure it accurately reflects your wishes, circumstances, and remains up to date with relevant legal and/or tax changes.

How we can help with Wills for life.

If you would like to arrange a free initial appointment with our Wills Team, please contact us by calling 01761 414 646 or emailing us on enquiries@th-law.co.uk or contacting us through our website.